This video introduces the concept of big data.

Big Data is the process of collecting and analyzing large sets of data from traditional and digital sources to identify trends and patterns that can be used in decision making.

These large datasets are both structured (e.g., sales transactions from an online store) and unstructured (e.g., posts) on social networks.

The amount of data generated is increasing exponentially, including data generated by:

Retail E-Commerce Databases
User interactions with websites and mobile applications
Use of logistics, transportation, financial and health systems
Social media data
Location data (e.g. generated by GPS)
Data generated by the Internet of Things (IoT)
New forms of scientific data (e.g., human genome analysis)

Here are some important uses of Big Data:

Monitoring and tracking of operational equipment performance, safety and reliability (e.g., data generated by sensors)

Generate marketing insights on customer needs and wants, based on transactions, feedback and comments (e.g. from e-commerce analytics, social media posts). Big Data is revolutionizing traditional market research.

Improved decision-making – for example by analyzing the real-time impact of price changes or other elements of the marketing mix (using big data to drive dynamic pricing is a great example).

Better security of enterprise systems: Big data can be analyzed to identify unusual activities, for example on systems with secure access

More efficient capacity management: The increasing use of big data to inform decision-making on capacity management (e.g. in transportation and logistics systems) is a prime example of how big data can help a business to operate more efficiently

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